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UPAD.L vs. SPXP.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UPAD.L vs. SPXP.L

Last updated Jun 5, 2026

UPAD.L (iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist) and SPXP.L (Invesco S&P 500 UCITS ETF) are both S&P 500 funds - UPAD.L tracks the S&P 500 Net Zero 2050 Paris-Aligned Sustainability Screened Index while SPXP.L tracks the S&P 500 Index. Both are passively managed. Over the past 3 years, UPAD.L returned 20.59%/yr vs 22.28%/yr for SPXP.L. Their correlation of 0.92 suggests significant overlap in exposure. UPAD.L charges 0.07%/yr vs 0.05%/yr for SPXP.L.

Performance

UPAD.L vs. SPXP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist (UPAD.L) and Invesco S&P 500 UCITS ETF (SPXP.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

UPAD.L is traded in USD, while SPXP.L is traded in GBp. To make them comparable, the SPXP.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, UPAD.L achieves a 6.78% return, which is significantly lower than SPXP.L's 10.28% return.

UPAD.L

1D
0.45%
1M
4.86%
YTD
6.78%
6M
7.86%
1Y
22.18%
3Y*
20.59%
5Y*
—
10Y*
—

SPXP.L

1D
0.05%
1M
4.64%
YTD
10.28%
6M
11.31%
1Y
28.02%
3Y*
22.28%
5Y*
13.94%
10Y*
15.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UPAD.L vs. SPXP.L - Yearly Performance Comparison

2026 (YTD)2025202420232022
UPAD.L
iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist		6.78%15.19%26.23%31.08%-9.48%
SPXP.L
Invesco S&P 500 UCITS ETF		10.28%17.79%25.46%26.40%-8.07%

Correlation

The correlation between UPAD.L and SPXP.L is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.89

Correlation (3Y)
Calculated over the trailing 3-year period

0.91

Correlation (All Time)
Calculated using the full available price history since May 3, 2022

0.92

The correlation between UPAD.L and SPXP.L has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

UPAD.L vs. SPXP.L - Sectors Allocation Comparison

Sectors
UPAD.L
SPXP.L

Technology

39.8%
35.6%

Financial Services

13.0%
11.8%

Communication Services

12.1%
11.2%

Consumer Cyclical

10.3%
10.1%

Healthcare

9.2%
8.5%

Industrials

6.1%
8.3%

Consumer Defensive

4.9%
4.9%

Real Estate

2.2%
1.9%

Basic Materials

1.7%
1.8%

Utilities

0.8%
2.4%

Energy

0.0%
3.5%

Technology

UPAD.L
39.8%
SPXP.L
35.6%

Financial Services

UPAD.L
13.0%
SPXP.L
11.8%

Communication Services

UPAD.L
12.1%
SPXP.L
11.2%

Consumer Cyclical

UPAD.L
10.3%
SPXP.L
10.1%

Healthcare

UPAD.L
9.2%
SPXP.L
8.5%

Industrials

UPAD.L
6.1%
SPXP.L
8.3%

Consumer Defensive

UPAD.L
4.9%
SPXP.L
4.9%

Real Estate

UPAD.L
2.2%
SPXP.L
1.9%

Basic Materials

UPAD.L
1.7%
SPXP.L
1.8%

Utilities

UPAD.L
0.8%
SPXP.L
2.4%

Energy

UPAD.L
0.0%
SPXP.L
3.5%

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iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist

Invesco S&P 500 UCITS ETF

Often compared with UPAD.L:
UPAD.L vs. SPXD.LUPAD.L vs. SDUS.LUPAD.L vs. IUES.LUPAD.L vs. BYBU.LUPAD.L vs. CNDX.LUPAD.L vs. CSPX.LUPAD.L vs. UC13.L
Often compared with SPXP.L:
SPXP.L vs. VUAG.LSPXP.L vs. CSPX.LSPXP.L vs. SPXSSPXP.L vs. VOOSPXP.L vs. SPX5.LSPXP.L vs. SMT.LSPXP.L vs. SPXD.L

Return for Risk

UPAD.L vs. SPXP.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UPAD.L
UPAD.L Risk / Return Rank: 5353
Overall Rank
UPAD.L Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
UPAD.L Sortino Ratio Rank: 6161
Sortino Ratio Rank
UPAD.L Omega Ratio Rank: 5858
Omega Ratio Rank
UPAD.L Calmar Ratio Rank: 4242
Calmar Ratio Rank
UPAD.L Martin Ratio Rank: 4949
Martin Ratio Rank
SPXP.L
SPXP.L Risk / Return Rank: 8383
Overall Rank
SPXP.L Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
SPXP.L Sortino Ratio Rank: 8484
Sortino Ratio Rank
SPXP.L Omega Ratio Rank: 8686
Omega Ratio Rank
SPXP.L Calmar Ratio Rank: 8080
Calmar Ratio Rank
SPXP.L Martin Ratio Rank: 7979
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

UPAD.L vs. SPXP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist (UPAD.L) and Invesco S&P 500 UCITS ETF (SPXP.L). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

UPAD.LSPXP.LDifference
Sharpe ratioReturn per unit of total volatility
1.91
2.53

-0.62

Sortino ratioReturn per unit of downside risk
2.81
3.66

-0.85

Omega ratioGain probability vs. loss probability

1.35

1.46

-0.11

Calmar ratioReturn relative to maximum drawdown

2.05

3.23

-1.17

Martin ratioReturn relative to average drawdown

8.12

13.97

-5.85

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UPAD.L vs. SPXP.L - Sharpe Ratio Comparison

The current UPAD.L Sharpe Ratio is 1.91, which is comparable to the SPXP.L Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of UPAD.L and SPXP.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

UPAD.LSPXP.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.91

2.53

-0.62

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.90

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

1.01

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.98

0.96

+0.02

Drawdowns

UPAD.L vs. SPXP.L - Drawdown Comparison

The maximum UPAD.L drawdown since its inception was -18.94%, smaller than the maximum SPXP.L drawdown of -33.47%. Use the drawdown chart below to compare losses from any high point for UPAD.L and SPXP.L.

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Drawdown Indicators

UPAD.LSPXP.LDifference

Max Drawdown

Largest peak-to-trough decline

-18.94%

-33.47%

+14.53%

Max Drawdown (1Y)

Largest decline over 1 year

-10.76%

-8.65%

-2.11%

Max Drawdown (3Y)

Largest decline over 3 years

-18.94%

-18.72%

-0.22%

Max Drawdown (5Y)

Largest decline over 5 years

—

-25.04%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.47%

—

Current Drawdown

Current decline from peak

-0.38%

-0.52%

+0.14%

Average Drawdown

Average peak-to-trough decline

-3.60%

-4.48%

+0.88%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.73%

2.00%

+0.73%

Volatility

UPAD.L vs. SPXP.L - Volatility Comparison

iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist (UPAD.L) has a higher volatility of 3.14% compared to Invesco S&P 500 UCITS ETF (SPXP.L) at 2.60%. This indicates that UPAD.L's price experiences larger fluctuations and is considered to be riskier than SPXP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UPAD.LSPXP.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.14%

2.60%

+0.54%

Volatility (6M)

Calculated over the trailing 6-month period

8.76%

8.02%

+0.74%

Volatility (1Y)

Calculated over the trailing 1-year period

11.58%

11.02%

+0.56%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.36%

15.57%

+0.79%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.36%

16.75%

-0.39%

UPAD.L vs. SPXP.L - Expense Ratio Comparison

UPAD.L has a 0.07% expense ratio, which is higher than SPXP.L's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

UPAD.L vs. SPXP.L - Dividend Comparison

UPAD.L's dividend yield for the trailing twelve months is around 0.80%, while SPXP.L has not paid dividends to shareholders.

PositionTTM2025202420232022
SPXP.L
Invesco S&P 500 UCITS ETF		0.00%0.00%0.00%0.00%0.00%
UPAD.L
iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist		0.80%0.82%0.88%1.01%0.33%

Frequently Asked Questions

UPAD.L and SPXP.L have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, SPXP.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SPXP.L is cheaper with a 0.05% expense ratio, compared with 0.07% for UPAD.L.

UPAD.L tracks S&P 500 Net Zero 2050 Paris-Aligned Sustainability Screened Index, while SPXP.L tracks S&P 500 Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.07% for UPAD.L and 0.05% for SPXP.L.

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